It's time to binge on shares of Netflix.
That's the message Oppenheimer technician Ari Wald is reading in the charts. The streaming giant hit yet another all-time high Tuesday, further establishing a breakout by the stock that has Wald looking at some key levels to watch.
"You can see the stock breaking through its January peak, that was right at around $287," he said Monday on the "Trading Nation" segment of CNBC's "Power Lunch." "That level should now be viewed as support. On the upside, that breakout measures to about $337."
In other words, the charts are telling Wald that Netflix could rally another 3 percent or so.
And according to Phil Streible, senior market strategist at RJO Futures, Netflix has been a big driver of the Nasdaq. "It's done a really beneficial job for the Nasdaq," he said on "Power Lunch. "We're up 6 percent year to date, far outperforming the S&P 500 and the Dow which are floating right at around unchanged."
Netflix has soared 69 percent year to date.